IG Petrochemicals raises Rs 65 cr from Bank of America

New Delhi, Nov 22: IG Petrochemicals Ltd, a premier Phthalic Anhydride producing company, today said it has raised a loan of Rs 65 crores from Bank of America to repay its loans.

A company statement said the money raised will be to repay the debentures of Rs 62.44 crores due to the Spinnaker Group, Spinnaker Group, fourth largest hedge fund in India, invested around Rs125 crore through convertible debentures in IG Petrochemicals.